Wall Street rises late, led by energy and bank shares | Reuters

Energy and bank stocks led Wall Street higher on Wednesday, adding to a rally in the previous session, after strong jobs data dispelled concerns over the health of the U.S. economy.

Concern lingered that the U.S. economy was on a weaker footing than thought, but recent data including a better-than-expected reading on private sector job creation last month has helped dispel those worries and given equities support.

The improvement in U.S. economic data, including manufacturing, construction spending and auto sales earlier this week, rekindled expectations that the Federal Reserve could raise rates at least once later this year, giving a boost to bank shares.

"I’ve been encouraged by the economic numbers," said Gary Bradshaw, portfolio manager of Hodges Capital Management in Dallas, citing jobs and manufacturing data.

Crude prices hovered in and out of negative territory through the day but ended higher, with U.S. crude CLc1 reaching $35.17 at one point, its highest since Jan. 6.

"There's been so much pessimism around energy," said Bradshaw, "and in spite of that oil is near $35 (a barrel). When crude moves up it is telling the world, and particularly the U.S., is not going through a recession."